Variable Recurring Deposit scheme – Indian Bank

Indian Bank – Variable Recurring Deposit

  • Variable Recurring Deposit
    Interest Application Quarterly compounding
    Salient Features A recurring deposit scheme with the option of varying the monthly installments is called the Variable Recurring deposit scheme
    Min Amt Initial deposit Rs.25 or in multiples of Rs.25 upto a maximum of Rs. 1 lakh
    Can vary subsequent monthly instalment subject to a maximum of Rs. 10 lakhs per month.
    Min Period • Minimum period – 12 months and the maximum period – 120 months
    Other Requirements/Details • Loan, nomination and foreclosure facilities.
    • No penal interest on delayed payment of instalments
    • Interest will be paid on the minimum balance between 10th and last day of the month. TDS not applicable